Must Read: Gap CEO Sonia Syngal Steps Down, Are Luxury Megabrands Getting Too Big?

Plus, Opening Ceremony collaborates with Luar.

These are the stories making headlines in fashion on Tuesday.

Gap CEO Sonia Syngal steps down
As Gap faces supply chain challenges and sharp declines in sales, its CEO is stepping down. Syngal joined the retailer in 2004 and served as chief executive officer since March 2020. In the three-month period before April 30, the company suffered a net loss of $162 million in comparison to the same period last year, where it made a profit of $166 million. Syngal will stay in her position during a brief transition period, and Bob Martin, the company's current executive chairman of the board, will serve as interim president and CEO, said Gap in a statement. {CNBC}

How luxury brands made impossible growth possible
For Business of Fashion, Pierre Mallevays analyzes how luxury's biggest names, including Chanel, Louis Vuitton, Hermès and Gucci, have been able to surpass what LVMH and Kering once thought was the maximum turnover a luxury brand could achieve. Companies once thought that a brand could not excel $2 billion before becoming overexposed. However, last month, Kering announced a medium-term annual sales target of €15 billion for Gucci, almost 50 percent more than its already substantial sales base. {Business of Fashion}

Opening Ceremony unveils collaboration with Luar
As part of its ongoing 20th-anniversary celebrations, Opening Ceremony is launching a new collaboration with the New York-based brand Luar, founded by Raul Lopez. (Back in its boutique days, Opening Ceremony was one of the first to carry Hood by Air, which Lopez co-founded.) The line features two exclusive, limited-edition colorways of the Luar Ana Mini bag as well as a sweatshirt featuring the artwork "Feeding a Child of the Ocean" by Dominican-American artist Bony Ramirez. Opening Ceremony x Luar is available Tuesday, July 12, exclusively at openingceremony.com and farfetch.com. {Fashionista inbox}

FABRIC Act announces day of action
Two months ago, Senator Kirsten Gillibrand (D-NY) introduced The FABRIC Act into Congress and since then it's received the official support of over 100 brands, manufacturers, labor rights groups, educational institutions, and civil society groups. This legislation includes new workplace protections and manufacturing incentives to cement the United States as the global leader in responsible apparel production. In order to get the full Senate's attention and ensure that the bill is prioritized in Congress, the coalition behind The FABRIC Act is now calling on citizens for support with a "Call Your Senators" day of action on July 13. You can find your senators' numbers and use their suggested call script here. A full FAQ on the bill can be found here. {Fashionista inbox}

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